Higher Gas Prices Boost Santos' Profits

Higher gas prices and crude oil sales volumes have boosted Santos’ first half net profit by 3% to $271 million.

In a statement published on its website, the company said that The Santos Asia business also continues to make good progress with Dua in Vietnam and Peluang in Indonesia progressing well to deliver first oil and first gas respectively in the first half of 2014.

Santos’ two major projects, PNG LNG and GLNG remain on schedule and capital cost estimates remain unchanged, according to the statement. 

“These LNG projects are poised to deliver significant shareholder value and it is our intent to review capital management options as we approach PNG LNG production,” Chief Executive Officer David Knox said.